Marubeni Oil & Gas (USA) Inc. Announces Oil Discovery in the Deepwater Gulf of Mexico

Apr. 4. 2008
Marubeni Corporation

Marubeni Oil & Gas (USA) Inc. (a wholly owned subsidiary of Marubeni Corporation) in conjunction with its partners, announces an oil discovery at its Kodiak prospect in the deepwater Gulf of Mexico today.  The well, located in Mississippi Canyon Block 771, is in about 5,000 feet of water, and is located approximately 60 miles southeast of the Louisiana coast.  Kodiak was drilled to a total depth of 31,146 feet and encountered about 500 net feet of hydrocarbon-bearing sands in middle and lower Miocene reservoirs. The well data will now be interpreted to assess the size of the discovery.

Marubeni Oil & Gas (USA) Inc. owns an 11.25% working interest in Kodiak. Partners in the Kodiak prospect are BP Exploration & Production Inc., a wholly owned subsidiary of BP America Inc. (operator) with 63.75% working interest and Eni with 25% working interest.

The MC 771 block was part of the deepwater exploration portfolio acquired by Marubeni in March 2006 from Pioneer. This significant discovery is a further step in Marubeni’s growth plans for the region.

Marubeni Oil & Gas (USA) Inc. currently owns lease interests in 82 GOM blocks.

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